Oil Finds Support

As we mentioned yesterday, lower levels for oil are holding after it retraced from highs. Our level at $122.95 has held as a double top, and we have since pulled back to test support levels at $116, then $113. We are finding good support at $113, confirmed by green triangles on the KRI. The Kovach OBV has flattened out, suggesting we will range here at current levels for a bit. Watch $116 to provide resistance, and $113 or $111 to provide support.